1. Increase to SG Contributions
The minimum employer superannuation guarantee contribution increased from 9% to 9.25%.
2. Higher Concessional Contributions Cap
For those aged over 60 and over at any stage during the 2013/14 Financial Year their concessional contributions cap (employer contributions + salary sacrifice + deductible contributions) has been increased to $35,000. Everyone else remains at $25,000.
In 2014/15 those over age 50 at any stage during the financial year will also receive an increase in concessional contribution cap to $35,000.
3. Removal of the Superannuation Guarantee Age Cap
Previously if you were over age 70 your employer was not required to make mandatory contributions to your super on your behalf. This age limit has been removed.
4. Redraw of Excess Concessional Contributions
From 1 July 2013 any excess concessional contribution will be taxed at the individual’s marginal tax rate plus additional ATO charges.
5. Pension Minimums Revert Back to Original Percentages
The Government’s 25% concessional to pension minimums due to the GFC market down turn has finished. All minimums have reverted back to their original amounts.
6. Off-Market Transfer Ban Abandoned
Listed securities continue to be allowed to be transferred into an SMSF via an off-market transfer.
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